Revolut looking at dual stock market listing in London and New York

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The founder and boss of Revolut has said the bank is considering a dual stock market listing in London and New York.

Nik Storonsky told French newspaper Les Echos on Thursday that the fintech firm prefers the US for a potential initial public offering (IPO).

However, he added that the Canary Wharf-based company is still looking at a dual listing on the London Stock Exchange and New York’s Nasdaq index.

A London listing would be a major boon for the city’s stock market, following a dearth of recent listings, with many firms opting against going public or floating in other markets such as New York.

A listing would be expected to make the company, which was most recently valued at 115 billion US dollars (£86 billion) in a share sale, one of the UK’s largest public companies and potentially surpass rival banks including Barclays and NatWest Group.

The boss suggested in April that a float could happen in “two years’ time” depending on “how good the market is”.

The company also indicated that it is targeting further growth in the US ahead of an IPO in order to help bolster its position with potential investors in New York.

He told Les Echos: “It’s a larger market. It includes institutional investors, hedge funds, fund managers and a considerable number of individual investors.

“So we have the choice between selling in a small market with few buyers, or in a gigantic market with a huge number of buyers who will compete fiercely for our shares. Therefore, yes, we prefer the United States.”

It is the first time the Russian-born entrepreneur has pointed to a potential dual listing, having said in 2024 that the London stock market “can’t compete” with the US.